Top 10 Solana (SOL) Ecosystem Projects by Development Activity

TL;DR

Due to recent growth, Solana and its projects have gained popularity. Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.

The Unsurprising Leader

Solana and numerous projects built on it have been booming in popularity in 2024. Factors that may have contributed to this growth include SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.

The crypto analytics platform Santiment recently outlined the top 10 Solana-based projects in terms of development activity in the past 30 days.

The first spot belongs to Solana itself, which collected a score of 186.33. It’s worth noting that the protocol’s native token – SOL – has been experiencing a downfall since the end of July, plunging by approximately 30% and currently trading at around $127 (per Coingecko’s data).

Wormhole holds the second position with a ratio of 90.5. It acts as a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.

Pyth Network is third, with a score of 68. It operates as a decentralized oracle network where multiple providers contribute to a collective data feed.

JITO and Neon round up the top 5 list. The other Solana-based projects down the line include Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.

The Missing Ones

It is interesting to note that meme coins, which are part of Solana’s ecosystem, did not make the list. Such tokens, including dogwifhat (WIF), Bonk Inu (BONK), and many more, were among the top-trending topics in the crypto space at the start of the year due to their skyrocketing prices.

However, their progress has stalled as of late. WIF – the biggest Solana-based meme coin in terms of market capitalization – currently trades at around $1.52, representing more than a 70% decline from the ATH registered in April.

BONK (the second-largest) is worth approximately $0.00001666 as of the moment, or 60% less than the peak in May.

Conclusion

Solana has emerged as the leading platform in the Solana ecosystem, with its native token SOL experiencing a significant downturn. Meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have also seen significant declines, suggesting that their popularity may be waning.

FAQs

Q: What is driving Solana’s growth?
A: Factors that may have contributed to Solana’s growth include SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.

Q: What is Wormhole, and what role does it play in the Solana ecosystem?
A: Wormhole is a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.

Q: What is the current trading price of SOL?
A: SOL is currently trading at around $127, representing a 30% decline since the end of July.

Q: What happened to meme coins like Dogewifhat (WIF) and Bonk Inu (BONK)?
A: Both WIF and BONK have seen significant declines, with WIF experiencing a 70% decline from its ATH registered in April and BONK experiencing a 60% decline from its peak in May.

Q: What are the top 10 Solana-based projects in terms of development activity?
A: According to Santiment, the top 10 Solana-based projects in terms of development activity in the past 30 days include Solana itself, Wormhole, Pyth Network, JITO, Neon, Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.